HSBC Bank USA Unaffiliated

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HSBC Bank USA is not affiliated with SuperMoney. All products, logos, and company names are trademarks™ or registered® trademarks of their respective holders. Their use does not signify or suggest the endorsement, affiliation, or sponsorship, of or by SuperMoney or them of us.

425 Fifth Avenue,
New York,
NY,
10018USA

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Features

HSBC is one of the largest banks in the world. HSBC was founded in 1865 with the purpose of financing trade between Asia and the West. It has 48 million customers in 72 countries and 6,100 offices worldwide. HSBC has its world headquarters in London

With $192.3 billion in assets and $174.2 billion in deposits, HSBC North America is the 8th largest bank in the US by assets. In the US alone it has 233 offices in 10 states and Washington DC. Bauer Financial gives HSBC four stars, and it has an A+ rating with the BBB.

What Are HSBC’s Checking and Savings Accounts Like?

CheckingHSBC has four main checking accounts in the US: HSBC Premier, HSBC Advance, Choice Checking, and Basic Banking.

Basic Banking is for people who only write a few checks a month and have modest banking needs. It doesn’t pay interest and there is a $3 monthly service fee. Customers can make up to 8 checks or withdrawals a month for free. Additional checks or withdrawals cost $0.35 per check. The account includes Bill Pay, online banking and a debit card. There is no minimum monthly balance.

Choice Checking has a $15 monthly fee but you can avoid it by setting up a direct deposit or maintaining a combined balance of $1,500. Choice Checking doesn’t pay interest, and the minimum balance is $1,500. As well as unlimited checks and withdrawals, customers receive online banking, Bill Pay, a debit card, and free access to HSBC ATMs.

HSBC Advance has a $20 monthly fee, which is waived if you maintain the $10,000 minimum balance. As well as the services offered by Choice Checking, HSBAC Advance includes rebates on up to three non-HSBC ATM fees. This account pays interest, but only 0.01% APY, regardless of the account balance.

HSBC Premier has a $50 monthly fee, which you can avoid if you maintain the minimum balance of $100,000. Customers receive all the services and perks of HSBC Advance plus unlimited ATM-fee rebates, a relationship manager, no foreign transaction fees on debit card purchases, and an HSBC Premier World Mastercard. The account yields a 0.01% APY, regardless of the balance.

HSBC Everyday Savings offer free online banking and a 0.01% APY. It has a $100 minimum balance. If your balance is below $1,000, there is a $0.75 fee per withdrawal after the third withdrawal.

HSBC Advance Online Savings offers tiered interest rates of up to 0.05% (balances over $10,000). There is no monthly fee as long as you have an HSBC Advance checking account and maintain the minimum balance.

HSBC Premier Savings has a tiered interest rate schedule that peaks at 0.15% for balances above $100,000. There is no monthly fee as long as customers have an HSBC Premier checking account and they maintain their minimum balance.

What Are the Advantages and Disadvantages of HSBC’s Checking and Savings Accounts?

We love this about HSBC:

No fee options for checking and savings accounts

World Bank with large ATM network

Complimentary savings accounts with customers with checking accounts

Competitive interest rates

We don’t like this about HSBC:

Low-interest rates

Minimum balances

Monthly service fees

Only large balances receive higher interest rates.

Institution Type

Bank

Immigration Status Considered

U.S. Citizen

U.S. Permanent Resident

Verification Documents Required?

Proof of Identity

Proof of Income

Proof of Residence

Driver License (or other photo ID)

Proof of citizenship/residence

Account Features

Automatic Savings

Bauer Financial A+/A Rating

CDs

Check Images with Statement

Checking

Debit Card

FDIC Member

Fraud Monitoring

Free Bill Pay

Free Debit Card

Interest Bearing Account

IRAs

Mobile Banking

Mobile Check Deposit

Nationwide ATM Network

No ATM Fees

No Monthly Maintenance Fee

Savings

Soft Credit Pull

Visa/Mastercard

Zero Liability Policy

Credit Bureau Reporting

Equifax

Experian

APY

0.01%

Savings Interest Rate

0.01% - 0.15%

Checking Interest Rate

0.01%

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* SuperMoney is not responsible for third party products, services, sites, recommendations, endorsements, reviews, etc. All products, logos, and company names are trademarks™ or registered® trademarks of their respective holders. Their use does not signify or suggest the endorsement, affiliation, or sponsorship, of or by SuperMoney or them of us. SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). SuperMoney strives to provide a wide array of offers for our users, but our offers do not represent all financial services companies or products.† To check the rates and terms you qualify for, one or more soft credit pulls will be done by SuperMoney, and/or SuperMoney's lending partners, that will not affect your credit score. However, if you choose a product and continue your application at a lending partners' website, they will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.